Leading payments platform PayPal on 21 September announced 50 percent reduction in the Foreign Inward Remittance Certificate (FIRC)/ Advice fee from Rs. 200 to Rs. 100 per transaction, for up to 20 transactions.
For more than 20 transactions, bulk FIRC fee will be levied at Rs. 2000. The move is in line to reduce the cost incurred in receiving payments from global markets and to encourage merchants to grow their cross-border business and realise the Government's Make in India vision.
"The reduction in the FIRC fee is in line with our commitment of becoming a customer champion and enabling merchants to grow their cross-border business in a profitable manner," said director, small sellers and consumers PayPal India, Narsi Subramanian.
FIRC is a document that acts as a testimonial for all the inward remittances entering India. Most of the statutory authorities accept this document as proof that an individual or a business, such as a limited company, partnership firm, sole proprietorship firm and others, has received a payment in foreign currency from outside the country.
The freelancer market in India is growing immensely and PayPal is committed to help Indian freelancers improve profitability and improve the payment experience.